KARACHI: Loads Limited, an automotive parts manufacturer, has posted a consolidated profit of Rs65.6 million in the quarter ended December 31, 2016, up 56% compared with Rs42 million in the same period of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX).
Earnings per share (EPS) increased to Rs0.75 compared to Rs0.48 in the period under review.
The company's share price closed at Rs52.22, down 3.3% from its last day's closing price as the KSE-100 index also declined to 49,007, down 54 points or 0.11%.
Cumulatively, the company's net profit in the first six months of fiscal year 2016-17 touched Rs129 million for an EPS of Rs1.23, up 42% compared to Rs91 million or an EPS of Rs1.10 in the same period of the previous year.
Loads Limited, which was the last listing on PSX in 2016, makes radiators, exhaust systems, mufflers, sheet metal components among other parts, and its clients include more than a dozen national and multinational companies engaged in the production of motorcycles, cars and heavy vehicles manufacturers.
The auto industry is outperforming the KSE-100 index by a big margin mainly because of better local automobile sales and expectations of future investments in the sector.
Big names like Renault, Kia, Hyundai and Audi have recently announced their intention to assemble vehicles in Pakistan.
Published in The Express Tribune, February 25th, 2017.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ